TNAG-2466-FCO40-3590-Economic-situation-in-Hong-Kong-1992 — Page 47

G.F. 316

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13

currency denomination of customers' deposits falling

within the definition of the money supply, in other words,

a reflection of the original inflow or outflow, rather

than entirely of interest rate induced credit creation

or contraction. If this is so, then the expected impact

of a change in the money supply on domestic and import

demand may not be realised to the full extent.

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